Secondary Market Liquidity

Exchange
Traded Products (ETPs) are continuously listed on the London Stock Exchange from
8.05 am to 4.30 pm with liquidity provided by Société Générale Option Europe
(SGOE), SG or any affiliate thereof.

SGOE, , SG or any affiliate thereof has signed a contract with the London
Stock Exchange which oblige us to provide a bid/offer price on the order book
under normal market conditions whatever the product in order to enable
transactions. Unlike certain structured products, the beauty of exchange traded
products is that they can be bought and sold at any time during the market
hours, no need to hold the products until maturity. This allows for active
management of the positions.

Since the price of an ETP is fixed by a formula, the market maker SGOE, SG
or any affiliate thereof determines a fair price and send it to the stock
exchange.

As a derivative instrument and unlike equities, the price of a listed
products does not depend on its bid and ask, but comes from a calculation taking
into account the underlying price for instance.

For other products, the calculation can involve other parameters such as
interest rates, time value or volatility.